The choice of when to take Social Security is not an easy one. You can start taking it as early as age 62 (or earlier if you are a survivor of another Social Security claimant or on disability), wait until you’ve reached full retirement age, or even wait until age 70. While there’s no “correct” age for everyone, it is important not to rush into a decision. Postponing Social Security, if you can, can be an insurance policy against uncertain markets and inflation. If you’re in good health and you can afford to wait, delaying can really pay off over a long retirement. However, everyone’s circumstances are different and there are many factors you’ll want to consider.
The best way to decide is by sitting down with your financial advisor and crunching the numbers. By educating yourself, we believe you will be better able to select the best strategy for your situation. Here are some guides to help you get started:
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